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U.S. trade deficit soars in August to highest in 14 years

Christian Fernsby ▼ | October 7, 2020
The US saw its trade deficit increase 5.9% to $67.1 billion in August to reach its highest level since August 2006, according to the Commerce Department on Tuesday.
Commerce Department
Deficit soars   Commerce Department
Analysts expected the figure to come in at $66.1 billion in August. Its July level was revised down from $63.6 billion to $63.4 billion.

Topics: U.S

While exports of goods and services were worth $171.9 billion $3.6 billion more than July exports imports rose faster to $239 billion, $7.4 billion more than in July.

On a positive note, the deficit with China decreased $1.9 billion to $26.4 billion with exports increasing $1.7 billion to $11.2 billion and imports decreasing $0.2 billion to $37.7 billion month over month.

The US, however, saw its trade deficit with Germany and Japan increase $1.6 billion and $1 billion, respectively, from the previous month.